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chintan (Querist)
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20 December 2013 A Pvt Ltd co is a partner in a US based firm and receives 20,000 US$ as Share of Loss and 70,000 US$ as Share of Profit from two different firms.

Now, Could i Set off Loss and if yes from where in Indian Income or in US income?

And in US tax is 40% and in India tax is 30% for such business income, so where i am liable to pay tax?

And if Pvt ltd co paid its tax at US @ 40% then could i get refund or any relief from my Indian Income??

What is the exact tax treatment in this transaction?

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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24 December 2013 I hope the query is about an Indian pvt. Ltd. company being partner in a foreign firm.

If my understanding is correct than I feel that same is not allowed under FEMA.

Anuj
femaquery@gmail.com